§156 Dissolution of corporation; trustees

Summary

When a China Trade Act corporation closes on its own or its certificate of incorporation is canceled, the company’s directors must act as trustees for the creditors and shareholders. The United States Court for China, or any court handling the case, can instead appoint other people to be trustees if someone asks or the court chooses to do so. The trustees must wind up the company’s affairs, pay its debts, and divide what remains among the shareholders. They can sue or be sued in the company’s name, and each trustee is fully responsible, together and separately, to creditors and shareholders for any property that comes into their hands.